Roundup: Glendale Federal Adds Independence One Sites

GLENDALE, Calif. - Glendale Federal Bank said it had completed its acquisition of $194.1 million in deposits from Independence One Bank of California, a unit of Michigan National Corp.

Glendale Federal paid a premium of $4.4 million, or 2.27% of the Independence One deposits.

The transaction will let Glendale Federal reduce borrowings used to fund the sale of its Florida franchise, which was completed in December, the bank said.

The deal adds bank offices in Century City, Corona del Mar, and La Jolla to the Glendale Federal network.

The other two Independence One offices involved in the transaction - Beverly Hills and Laguna Hills - were consolidated with Glendale Federal offices.

Glendale closed its Beverly Hills branch and consolidated deposits and staff with its new office across the street. The consolidation makes the Beverly Hills office the second-largest in the Glendale Federal system.

In Laguna Hills, Independence One deposits were transferred to the Glendale Federal office across the street.

Glendale has 135 banking offices and 23 loan offices in California. -

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